This Week
  • Architect David Hanlon has worked with some of the area's leading developers.

  • For startup companies, legal and accounting missteps can prove costly.

  • Wilmorite hopes soon to win approval for $425M casino in Seneca County.

  • ID Signsystems Inc. has grown from a local company into an international business.

  • Robert Linton guides Jazz 90.1 through a new era in media.

  • The RBJ 75 supplement presents a list of the 75 largest private-sector employers.

PT shares sink after Q3 loss surges

Rochester Business Journal
November 9, 2012

PT’s stock hit an all-time low Friday morning. The drop came after the company reported its third-quarter results on Thursday after the market closed.

Shares of PT, officially Performance Technologies Inc. (NasdaqGM: PTIX), were trading as low as 97 cents on Friday, down 14 percent, or 16 cents, from Thursday’s close. It marks the lowest price PT’s stock has hit since the company went public in 1996. The stock’s previous low was $1.02, which it hit in early August.

For the third quarter, PT reported a net loss of $1.7 million, or 15 cents a share, compared with a net loss of $86,000, or a penny a share, a year ago.

The company said the results included several onetime expenses, including restructuring charges and amortization. Without the expenses, PT said it would have had a net loss of $1.3 million, or 12 cents a share, for the quarter.

PT logged revenues of $4.7 million, down from $9 million in 2011. The company’s total operating expenses were down to $3.4 million, compared with $4.6 million a year ago.

As of Sept. 30, the company said it had cash and cash equivalents of $6.9 million, down from $9.6 million a year ago. Its total current assets amounted to $22.7 million, compared to $24.7 million in 2011.

Last week, PT announced plans to restructure its operations and reduce its workforce by 10 percent, or 14 employees.

“We are extremely dissatisfied with our third-quarter results,” said John Slusser, president and CEO, in a statement. “Based upon the feedback received and ongoing global economic climate uncertainty, we have concluded that our quarterly revenue run rates will likely not return to the first quarter 2012 level in the near term. Given this circumstance, we implemented a program to bring our operations more in line with anticipated business opportunities.”

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google